Ola: CEO Role Change, What Will He Do Now?
GR Arun Kumar, CFO of ola Group, will now oversee the day-to-day functioning of the entire group. Kumar started his job at ola last year. This change is happening at a time when ola is again raising money from investors.
The role of Bhavish Aggarwal, the founder and CEO of ola, is going to change. He will no longer oversee the day-to-day affairs of the company. He will focus on engineering functions, team building and products. Along with this, he will work on long-term strategic projects related to two-wheelers, cars. He will also make a plan for expansion of business abroad.
In his note, Aggarwal said, “Scale, speed and quality require us to work with full attention. Will have to keep innovating for the future. I will spend more time on engineering functions, team building and product."
This change in ola comes at a time when the company is looking to raise capital at a lower valuation. Earlier he had planned to list on the stock exchange. But, it seems that the company will go for an IPO only after the fund-raising exercise is over. There has been a big drop in startup valuations. Startup valuations skyrocketed in 2021.
Bhavish Aggarwal is also the founder of ola Electric along with Ola. Both startups have now become unicorns. ola Electric plans to bring a big change in the EV market. The company started deliveries of its scooter in december last year.